IPO pricing hovers around mid-range of guidance as caution reigns

As equity capital markets investors become increasingly selective, the trend for IPOs being priced within the bottom half of the initial pricing ranges is not enough to save many deals from slumping in the aftermarket. Of the transactions completed this week, only Belgium’s Ontex’s newly listed stock traded up on its debut as transactions from Italy’s Cerved, the UK’s AA and Luxembourg’s Braas Monier Building Group all fell below issue price on their opening days on the public markets.